Graco Inc.

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SEC Filings

10-Q
GRACO INC filed this Form 10-Q on 10/25/2017
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Exhibit


Exhibit 99.1
 
 
GRACO INC.
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P.O. Box 1441
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Minneapolis, MN
55440-1441
NYSE: GGG
FOR IMMEDIATE RELEASE:
FOR FURTHER INFORMATION:
Wednesday, October 25, 2017
Financial Contact: Christian Rothe, 612-623-6205
Media Contact: Charlotte Boyd, 612-623-6153
Charlotte_M_Boyd@graco.com

Graco Reports Record Third Quarter Sales and Earnings
Strong Sales Growth in All Segments and Regions

MINNEAPOLIS (October 25, 2017) - Graco Inc. (NYSE: GGG) today announced results for the third quarter and nine months ended September 29, 2017.

Summary
$ in millions except per share amounts
 
Three Months Ended
 
Nine Months Ended
 
Sep 29,
2017
 
Sep 23,
2016
 
%
Change
 
Sep 29,
2017
 
Sep 23,
2016
 
%
Change
Net Sales
$
379.8

 
$
327.2

 
16
%
 
$
1,099.9

 
$
980.2

 
12
%
Operating Earnings
99.6

 
81.5

 
22
%
 
284.2

 
220.8

 
29
%
Net Earnings
75.5

 
54.4

 
39
%
 
216.0

 
144.9

 
49
%
Diluted Net Earnings
per Common Share
$
1.30

 
$
0.95

 
37
%
 
$
3.73

 
$
2.55

 
46
%
Diluted Net Earnings per Common Share, adjusted (1)
$
1.15

 
$
0.95

 
21
%
 
$
3.28

 
$
2.55

 
29
%
(1) Excludes the reduction of income taxes resulting from a required change in accounting for excess tax benefits on stock option exercises. Also excludes the effect of tax planning benefits realized in the third quarter of 2017. See Financial Results Adjusted for Comparability below for a reconciliation of the adjusted non-GAAP financial measures to GAAP.
All segments and regions had double-digit percentage sales growth for the quarter and year to date.
Gross margin rate declined slightly in the third quarter compared to the prior year, with favorable price-cost dynamics more than offset by the impacts of project sales and product mix.
Sales growth and operating expense leverage drove operating earnings increases of 22 percent for the quarter and 29 percent for the year to date.
Diluted earnings per share include $0.06 for the quarter and $0.36 for the year to date from a required change in accounting for stock compensation.
Diluted earnings per share for the quarter and year to date include $0.09 related to tax planning benefits that will not recur in 2018.

“For the third consecutive quarter Graco posted double-digit sales growth on an organic, constant currency basis, achieving new Company sales records for both the quarter and year to date. This also marks the third consecutive quarter where we have achieved growth in every region and reportable segment," said Patrick J. McHale, Graco's President and CEO. “Overall Company profitability trends remained solid in the third quarter, similar to the first half results, reflecting strong operating expense leverage on the double-digit sales increase.”

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